Supplies are pretty lush. Once this report is digested we should see a big decline in prices. The geopolitical concern and economic growth are still there in the background supporting prices.
More Quotes from Jason Schenker:
Whether we hit it today or next week, I don't really think hitting 50 is going to give us a downturn.Jason Schenker
A correction seems likely if we don't see a further intensifying of the geopolitical crisis. There will have to be further headlines for prices to move higher.
Jason Schenker
The Iranian situation appears to be getting worse.
Jason Schenker
There is no strategic government reserve of natural gas or refined products, and right now the biggest concerns in the marketplace are for products.
Jason Schenker
Despite the news of escalation, I think the market does not believe it's going to have a real impact on supplies.
Jason Schenker
If the rise in imports and utilization manifest this week continues next week, it could apply some downward pressure. Of course, any decline in petroleum prices would be predicated on the notion that the Iranian geopolitical situation remains relatively quiet.
Jason Schenker
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